The U.S. government’s massive debt pile is reaching new heights as a new budget year begins.
The Treasury Department’s Debt to the Penny database shows that the national debt rose from $35.464673929171 trillion on September 30 to $35.668947367182 trillion on October 1 – the first day of the 2025 fiscal year.
That’s a jump of $204.273438011 billion in just 24 hours.
Meanwhile, the Treasury Department says the U.S. budget deficit was $1.897 trillion at the end of August, a month before the fiscal year ended. The gap between the government’s total expenditures and its total revenues has increased by 24% since August 2023, when it stood at $1.525 trillion.
In a recent report, the Congressional Budget Office (CBO) says the growing deficit is due to a number of factors, including rising spending on Social Security, Medicare and the Department of Defense, as well as significantly higher interest payments on the national debt due to high interest rates. .
“Spending on Social Security benefits increased by $98 billion (or 8%) due to increases in average benefit payments (resulting primarily from cost-of-living adjustments) and in the number of beneficiaries…
Medicare spending increased a net $76 billion (or 10%) due to increased enrollment and higher payment rates for services….
Department of Defense spending was $52 billion (or 7%) higher than the same period last fiscal year; the largest increases occurred in operations and maintenance and in research and development.”
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